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Orwell Select Board approves $1 million tax anticipation note at 2.9%
Summary
The Orwell Select Board on Dec. 31 approved a $1,000,000 Tax Anticipation Note from First National Bank of Orwell at a 2.9% interest rate to cover operating cash flow until tax receipts arrive. The motion passed 5-0.
The Orwell Select Board approved a $1,000,000 Tax Anticipation Note from the First National Bank of Orwell at an interest rate of 2.9% during a special meeting Dec. 31.
Treasurer Bryan S. Young said the note is a routine cash‑flow measure “to get us through the year until taxes come in.” He presented the bank’s offer to the board and recommended approval. Les Wood moved to approve the note; Mike Christian seconded and the motion passed 5 Yes, 0 No.
Board members present for the vote were Andrea Treadway, chair; Les Wood, vice chair; Rob Barnes (virtual); Mike Christian; and Joe Pouliot. The board did not record dissenting votes or abstentions.
The board’s approval authorizes the town to borrow up to $1,000,000 on the stated terms; officials said the loan is intended to bridge the period before tax revenue is collected. The meeting minutes do not specify repayment timing or additional fees beyond the stated interest rate.
The board adjourned at 10:16 a.m.; members noted that the regular Select Board meeting to work on the fiscal 2026 budget is scheduled for Jan. 12, 2026.
